3ality Digital acquires Element Technica
Two major suppliers in the stereo 3D arena have joined up, creating a powerhouse that will provide an estimated 80% of the technology used in 3D production worldwide.
Tech provider 3ality Digital has acquired all of manufacturer Element Technica for “several million dollars in cash, plus equity,” said Steve Schklair, formerly CEO of 3ality Digital and now CEO of the combined company, which takes on the moniker 3eality Technica.
Schklair added that even though the two companies shared customers, there’s “no overlap in their product lines. We’ll continue both lines and we’re planning no layoffs” as a result of the acquisition.
“As our primary competitor, we have always had great respect for Element Technica and their achievements,” he added. “The complete compatibility… between the companies has made this an ideal acquisition.”
3ality Digital was known mainly for production technology. In acquiring Element Technica it gains an in-house manufacturing and design capability and the opportunity to expand its R&D infrastructure.
The two founders of Element Technica — Hector Ortega and Stephen Pizzo — are now senior veeps of 3ality Technica.
The newly minted company’s customer base includes Hollywood features and TV, live-broadcast sports, concerts and non-entertainment applications at orgs such as NASA.
Feature films that have used systems from one or both of the companies include Legendary/New Line’s “Jack the Giant Killer,” Sony’s “The Amazing Spider-Man,” Fox’s “Prometheus” and MGM/New Line’s “The Hobbit: An Unexpected Journey.”In TV, the host broadcast feeds from the FIFA World Cup and companies such as BSky B have used 3ality Technica technology for their live-event production.
Ortega said the combination of the two companies’ product lines will result in more efficiency in 3D production. “With this acquisition… not only will automation become more common, it will be the standard as the industry begins to enjoy the simplicity and speed it affords,” he said.
2D and 3D accessories that were marketed under the Element Technica brand will continued to carry that banner.
3ality Digital rented additional space at its Burbank headquarters to accommodate the influx of Element Technica employees, who will move there in the fall.
In April, Clearlake Capital Group acquired the majority of 3ality Digital in a recapitalization move. That infusion of capital was used principally to enable the acquistion of Element Technica, said Schklair.